Following the surprise resignations of its MD & CEO and Executive Director, Karnataka Bank says it remains strong and well-capitalised, and begins search for replacements
Karnataka Bank stock falls: Abrupt resignations following audit red flags raise serious concerns around governance and internal controls, which could dampen investor confidence, said ICICI Securities.
Following the departure of the MD&CEO and ED, the bank has formed a search committee to identify suitable candidates for both roles
Karnataka Deputy Chief Minister D K Shivakumar on Saturday claimed that banks were not cooperating with the Central government's schemes aimed at supporting entrepreneurs, particularly those offering loans without guarantees or collateral. Speaking at the inauguration of the Karnataka Small Scale Industries Association's (KASSIA) Centre of Excellence and Innovation in Bengaluru, Shivakumar underlined the importance of giving the younger generation opportunities to grow. "KASSIA will succeed only if it exerts more pressure on the government than the large industries," he remarked. He criticised the banks for failing to support the Centre's annoucements. "The Central government makes grand announcements like providing loans without guarantees or collateral, but banks do not comply. They prefer lending to those with a proven track record and are hesitant to support emerging entrepreneurs," the Deputy CM said. He urged KASSIA office-bearers to actively work towards empowering the next
The private sector bank estimates the loss amount at Rs 18.57 crore and the impact on the bank is estimated at Rs 18.87 crore
Lender offers 3.50% rate to general citizens on deposits with tenures ranging from seven to 45 days
Market reactions to the US Fed meeting outcome will be evident in early trades on Thursday. Indications suggest that the current market tone will persist.
The bank's net interest income (NII), which is the difference between interest earned and interest expended, fell 3 per cent to Rs 834 crore in Q4FY24, from Rs 860 crore in Q4FY23
Karnataka Bank on Friday posted a 23 per cent decline in net profit to Rs 274 crore for the fourth quarter ended March 2024 due to a one-time staff cost increase. The private sector bank had earned a net profit of Rs 354 crore in the same quarter a year ago. The total income increased to Rs 2,620 crore during the quarter under review against Rs 2,365 crore in the same period last year, Karnataka Bank said in a regulatory filing. However, net interest income declined to Rs 834 crore during the period under review from Rs 860 crore in the corresponding quarter a year ago. The bank incurred a one-time staff cost of Rs 152 crore in the fourth quarter relating to enhanced actuarial provisions arising out of wage settlement, it said. On the asset quality side, the bank's gross non-performing assets (NPAs) moderated to 3.53 per cent of gross advances as of March 31, 2024, from 3.74 per cent at the end of March 2023. Net NPAs also declined to 1.58 per cent of the advances from 1.70 per c
Karnataka Bank on Thursday said it has raised around Rs 600 crore through qualified institutional placement by issuing shares to institutional investors. The qualified institutional placement (QIP) opened on March 21 and closed on March 27. "...The Committee of Directors at its meeting held today, approved the issue and allotment of 2,64,31,718 equity shares to 25 eligible qualified institutional buyers at the issue price of Rs 227 per equity share...aggregating to Rs 599.99 crore," the bank said in a regulatory filing. The institutions which bought shares in the QIP include HSBC Mutual Fund, Morgan Stanley Asia Singapore PTE, HSBC Global Investment Funds, SBI Life Insurance Company, Franklin India Smaller Companies Fund and Max Life Insurance Company. Shares of Karnataka Bank settled at Rs 225.10 apiece, down 1.53 per cent over the previous close on the BSE.
There has been a breakout in Karnataka Bank from downward sloping trend line on the daily chart. Price breakout is accompanied by rising volumes, as per Vijay Rajani
He further urged Karnataka Bank to think about how to improve the region and to give a report to the government on what can be done regarding this, you have our full support
Private sector lender Karnataka Bank on Tuesday reported a 10 per cent rise in net profit to Rs 331 crore for the third quarter ended December 2023. The bank had earned a net profit of Rs 301 crore in the October-December quarter of 2022. The total income increased to Rs 2,439 crore in the third quarter of the current fiscal compared to Rs 2,055 crore in the year-ago period, Karnataka Bank said in a regulatory filing. In the latest quarter, the bank's interest income rose to Rs 2,113 crore from Rs 1,851 crore in the same period last fiscal. However, the net interest income declined to Rs 828 crore from Rs 835 crore at the end of the third quarter of last year. The gross non-performing asset (NPA) ratio declined to 3.64 per cent as of December 31, 2023. In the year-ago period, it stood at 3.28 per cent. However, the net NPA declined to 1.55 per cent compared to 1.66 per cent at the end of December 2022. The provision coverage ratio stood at 80.75 per cent at the end of December .
The town has been buzzing with business activities since the temple construction started following the Supreme Court's permission in November 2019. The opening is scheduled for January 22
The drop in provisions is a healthy sign - 21 of 32 listed banks have less than 1% net NPAs. But their CASA and NIM are under pressure
The proceeds of the issue will be primarily used to meet the needs of the growing business of the bank, including long-term capital requirements
The board of the private sector lender is scheduled to meet on Friday, September 22, 2023 to consider the raising of funds by issue of equity shares / any other equity linked securities.
Karnataka Bank has posted a net profit of Rs 370.70 crore during the first quarter of the current financial year as against Rs 114.18 crore recorded during the corresponding quarter of the previous year, with a year-on-year (YoY) growth rate of 224.66 per cent. A meeting of the board of directors of the bank held here on Thursday approved the financial results for the quarter that ended June 30, 2023, a press release here said citing the figures. The operating profit of the bank stood at Rs 601.17 crore and net interest income stood at Rs 814.68 crore during the quarter ended June 30. The business turnover of the bank was at Rs 1,48,449.27 crore as on June 30, 2023, compared to Rs 1,38,936.17 crore in the previous year, registering a YoY growth of 6.85 per cent. The deposits of the bank stood at Rs 86,959.86 crore with a YoY growth of 7.92 per cent and advances at Rs 61,489.41 crore with a YoY growth of 5.36 per cent. The gross NPAs declined to 3.68 per cent, compared to 4.03 per c
The bank saw a marked increase in net interest income and non-interest income during the quarter
The Bank's annual consolidated net profit stood at Rs 1,179.68 crore for FY23